Queensland Pacific Metals (ASX:QPM) to proceed to NAIF due diligence phase

• Queensland Pacific Metals (QPM) progresses funding talks with the Northern Australia Infrastructure Facility (NAIF) for the Townsville Energy Chemicals Hub (TECH) Project
• Following a review of the strategic assessment phase, NAIF has decided to move into due diligence phase
• QPM now intends to submit a formal investment proposal to NAIF
• GPM is trading 2.86 per cent up at 18 cents per share at 11:48 am AEST

Queensland Pacific Metals (QPM) has progressed funding talks with the Northern Australia Infrastructure Facility (NAIF) for the Townsville Energy Chemicals Hub (TECH) Project.

QPM sent the NAIF detailed technical and financial information for the TECH Project and following a review of this strategic assessment phase, the NAIF has decided to move into due diligence phase.

QPM now intends to submit a formal investment proposal to the NAIF.

This move is a key milestone in QPM’s engagement with the NAIF and overall funding strategy for the TECH project.

The company will work with the NAIF to provide the required information to complete its due diligence investigations.

QPM Managing Director and CEO Stephen Grocott is pleased that NAIF has entered the due diligence phase.

“This is vindication of the opportunity we have to build a world-leading manufacturing facility of battery metals which will be a game changer for nickel laterite processing, whilst also delivering significant benefits to Townsville and Greater North Queensland,” Dr Grocott said.

“I would also like to express my appreciation to the NAIF team for their professionalism in understanding the TECH Project and its technical and
commercial elements.”

GPM was trading 2.86 per cent up at 18 cents per share at 11:48 am AEST